South Korea has provisionally imposed tariffs of up to 38% on Chinese steel plate imports, following an investigation into alleged dumping.
The Ministry of Trade, Industry and Energy (MOTIE) announced the decision, citing "sufficient grounds" to suspect substantive damage to the domestic industry from dumped imports.
The move follows a complaint filed by Hyundai Steel in July 2024, leading to a four-month preliminary investigation.
The Korea Trade Commission concluded that Chinese steel exporters were engaging in dumping practices, resulting in harm to Korean rivals.
"In order to prevent damage that may occur during the full-fledged investigation period, we have decided to recommend the imposition of provisional anti-dumping duties of 27.9% to 38% to the finance minister," stated a MOTIE official.
The proposed tariffs, ranging from 27.91% to 38.02%, will apply to imported Chinese hot-rolled thick plates. The tariffs are expected to be finalized within a month after review by the Ministry of Economy and Finance and will take immediate effect upon confirmation.
In 2024, South Korea imported $10.4 billion worth of steel products from China, representing 49% of its total steel imports.
The decision comes amid concerns about oversupply from China and the impact of potential US tariffs on global steel markets.
The commission also decided to impose 2.5% to 25.04% anti-dumping tariffs on OPP film from China, Indonesia, and Taiwan. Additionally, investigations into hot-rolled coils from China and Japan are set to begin.